Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Synchrony Bank pays some of the best CD rates for people who don't have much money to open an account. It's also a good choice for people who want to work with a well-known bank, or who want to open multiple types of CDs.
Synchrony Bank CDs
Synchrony has three types of CDs: standard CDs, a bump-up CD, and a no-penalty CD. Learn more about the similarities and differences of each account below.
Synchrony Bank CD Rates Today
Here are Synchrony's current CD rates:
Term length | APY (Annual Percentage Yield) |
Synchrony 3 Month CD | 0.25% APY |
Synchrony 6 Month CD | 4.80% APY |
Synchrony 9 Month CD | 4.90% APY |
Synchrony 1 Year CD | 4.80% APY |
Synchrony 13 Month CD | 5.15% APY |
Synchrony 14 Month CD | 5.00% APY |
Synchrony 15 Month CD | 4.50% APY |
Synchrony 16 Month CD | 4.00% APY |
Synchrony 18 Month CD | 4.50% APY |
Synchrony 19 Month CD | 5.00% APY |
Synchrony 2 Year CD | 4.20% APY |
Synchrony 3 Year CD | 4.15% APY |
Synchrony 4 Year CD | 4.00% APY |
Synchrony 5 Year CD | 4.00% APY |
Synchrony Standard CD Rates
Besides the bank's 3-month CD, Synchrony pays high rates on most standard CD terms. You might find some banks with higher rates for specific terms, but compared to most brick-and-mortar banks or popular online banks, Synchrony rates still stand out. The bank also has more terms to choose from than most other banks.
Synchrony No-Penalty CD Rates
The Synchrony No-Penalty CD has an 11-month term. It pays 0.25% APY. Other online banks might have higher minimum opening deposit requirements but also more competitive rates.
Synchrony Bump-Up CD Rates
The Synchrony Bump-Up CD has a 2-year term and pays 3.60% APY. With a bump-up CD, you can request a rate increase once during the term if Synchrony increases its rate on the CD.
It's worth noting that Synchrony's regular 2-year CD pays a higher rate right now. If you want a more straightforward CD, the regular 2-year term may be more suitable.
Synchrony CD Pros and Cons
Pros | Cons |
|
|
What Impacts Your Synchrony CD Earnings?
The amount of interest you'll earn on a Synchrony CD will depend on current CD rates, the term you choose, and how much money you deposit.
You might notice that Synchrony CD rates frequently go up and down over time. That's because they're impacted by economic conditions. We'll explain more about that below.
Market and Economic Conditions
CDs pay a fixed interest rate during the term. That said, the interest rate can still fluctuate, so when your account matures, the term may have a different rate. CD rates are impacted by the Federal Reserve's decisions. Generally, when the Federal Reserve raises rates, Synchrony CD rates rise. When the Fed cuts rates, Synchrony CD rates drop. You can keep track of what will happen at the next Fed meeting to see if savings rates will change in the future.
CD Term Lengths
The terms you choose will also impact the amount of interest you'll earn. Right now, short-term CD rates have higher interest rates than long-term CD rates. With the exception of the bank's 3-month CD, Synchrony follows this larger trend.
Keep in mind that while short-term CDs offer a higher interest rate right now, there are still other reasons why you might prefer a long-term CD. For example, longer-term CDs allow you to earn a fixed interest rate for longer. If you don't need access to money for a couple of years, a long-term CD might actually be beneficial because you'll be able to earn more interest in the long run. Experts also recommend choosing a CD based on your goals.
Minimum Opening Deposit
The amount of money you'll deposit in a CD also impacts your interest earnings. If you deposit more money, you'll be able to earn more interest.
Overview of Synchrony's Three Types of CDs
The bank's regular CDs are its Synchrony CDs. These accounts are just like what you'd find at any other bank. They have fixed interest rates and early withdrawal penalties if you withdraw money before your account matures.
Synchrony offers more standard CD terms than other banks. For example, you can find 3-month, 13-month, and 14-month terms at the bank.
The online bank also has specialty CDs you won't find at every bank: a bump-up CD and a no-penalty CD.
Bump-up CDs let you request a rate increase if rates rise while your account is open. No-penalty CDs will allow you to make a penalty-free withdrawal while your account is open.
Online Banking Experience
Synchrony is an online-only financial institution. You won't be able to go to a branch, although customer support is available online or by phone. Ultimately, if you prefer a traditional banking experience, consider other options. But if you're open to having an online-only account, Synchrony is a strong choice.
Low Minimum Opening Deposit
You can open any Synchrony CD with a $0 opening deposit. This is one of the reasons Synchrony stands out because not many banks have such lenient opening requirements. Generally, banks require at least $1,000 to open a CD.
Standard Early Withdrawal Penalties
Synchrony CDs and Synchrony's Bump-Up CD have early withdrawal penalties. You'll only have to pay a penalty if you take out money before your CD matures. If you keep money in the CD for the entire term, you won't have to pay any fees.
Here are Synchrony's early withdrawal penalties:
- 90 days interest penalty for a term of 12 months or less
- 180 days interest penalty for a term over 12 months but under 48 months
- 365 days interest for a term of 48 months or more
Synchrony's early withdrawal penalties are pretty standard when compared to other banks. You might find some with more lenient penalties or ones with more costly charges.
Synchrony Bank CD Alternatives
Synchrony CD Rates vs. Ally CD Rates
Synchrony and Ally CDs are very similar. Both banks have $0 minimum deposits, and both offer three types of CDs.
For regular high-yield CDs, Synchrony pays 0.25% to 5.15% APY, and Ally pays 3.00% to 4.85% APY. The better rate will depend on which term you choose. It's worth noting that Synchrony has more term options than Ally, such as 15-, 16-, and 19-month CDs.
Both banks have an 11-month no-penalty CD; Synchrony pays 0.25% APY, and Ally pays 4.00% APY.
Synchrony has a bump-up CD — Ally offers something similar, but the bank calls it a Raise Your Rate CD. They work the same way: If the bank increases its rate on that type of CD during your term, you can request that your rate go up, too.
There are a couple of differences, though. Both banks have 2-year terms that let you request an increase once. But Ally also has a 4-year term that allows two increases. Synchrony pays 3.60% APY, while Ally pays 3.75% APY on both the 2-year and 4-year Raise Your Rate CDs.
Ally Bank Review
Synchrony CD Rates vs. American Express CD Rates
American Express CDs are another good option if you don't have much money to open an account, because like Synchrony, American Express National Bank (Member FDIC) has a $0 minimum deposit.
American Express National Bank's offerings are much more limited, though. It only has regular CDs, with no special options like no-penalty or bump-up CDs. It also has fewer terms. American Express National Bank pays 3.00% to 4.50% as of 5/10/24 APY (Annual Percentage Yield), so you'll earn higher rates with Synchrony.
American Express Bank Review
Should You Invest in Synchrony CDs?
Synchrony Bank is an excellent option overall for CDs. It has the best CD rates for no opening deposit. We've also ranked it as one of the best banks in America because of its high-yield savings account.
Consider other banks if you aren't comfortable with using an online bank. Synchrony also has unique CDs that are worth exploring, although you can find higher no-penalty CD rates at other online financial institutions.
Why You Should Trust Us: How We Reviewed Synchrony Bank CDs
To review Synchrony Bank CDs, we used our certificate of deposit methodology. We rate each account on a scale from 0 to 5.
For regular CDs, we looked at ethics, the mobile app, customer support, interest rates, minimum deposits, term variety, and early withdrawal penalties.
We removed the term variety category when calculating our ratings for no-penalty and bump-up CDs, because it's common for banks to only offer one term for these types of CDs. We also removed the early withdrawal penalty category when rating the no-penalty CD.
Synchrony Bank CD Rates FAQs
Does Synchrony offer competitive CD rates?
Synchrony offers competitive CD rates for most standard terms and its bump-up CD. Its no-penalty CD isn't as competitive as other online banks. Synchrony Bank pays 0.25% to 5.15% APY on its regular CDs, 0.25% APY on its 11-month no-penalty CD, and 3.60% on the 24-month bump-up CD.
What is the highest CD rate at Synchrony?
The best synchrony CD rate is on its 9-month term, which pays 5.10% APY.
What is the Synchrony Bank 12-month CD rate?
Synchrony pays 4.80% APY on its 12-month CD.
Does Synchrony ever have promotional CD rates?
Synchrony often has promotional CDs that have special interest rates. These accounts may only be available for a limited time.
Do Synchrony CD rates change frequently?
Synchrony CD rates can change frequently. Right now, Synchrony CD rates are still competitive, but it's expected that CD rates will drop more significantly once the Federal Reserve cuts rates.
Are Synchrony CDs safe?
Synchrony CDs are safe and federally insured by the NCUA. Up to $250,000 per depositor, per account category is protected in Synchrony CDs.
Does Synchrony have unique types of CDs?
Synchrony has two unique types of CDs: a no-penalty CD and bump-up CD. A bump-up CDs let you request a rate increase if rates rise while your account is open. No-penalty CDs allow you to make a penalty-free withdrawal while your account is open.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
Raisin High Yield Savings Account Earn 5.26% Annual Percentage Yield (APY). $1 minimum deposit. FDIC Insured.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.